Three platforms — Skandia, FundsNetwork and Axa Wealth’s Elevate — have developed microsites, services and charging structures to help financial advisers get their businesses in shape.
A new website called Informer will replace Skandia’s existing publication of the same name, and will also be available as a mobile app, Michelle Andrews has said.
The marketing director for Skandia said the website allowed advisers to “get quickly the technical information most relevant to them”.
Advisers can create a profile to highlight content that is most relevant to their business. The website will then generate information and support to fit their needs.
The announcement from Skandia came just after rival platform Fidelity FundsNetwork created an adviser-fee service to assist firms to move to a fee-based charging structure.
Jon Everill, head of advisory services, said the service aimed to “help simplify the process of moving to a fee-based charging structure”.
| Background |
Fidelity FundsNetwork’s survey of 75 advisers in May 2014 showed that only 48 per cent of firms had made the shift to obtaining the majority of their revenue from fees, in accordance with the ‘sunset clause’’ outlined by the FCA. The research also showed that 26 per cent of advisory firms were unsure of how to implement the changes. |
Meanwhile, Elevate from Axa Wealth is beginning a series of changes to the platform in preparation for the new pension rules to be introduced in April 2015.
Managing director David Thompson said: “The 2014 Budget was a seismic quake. Elevate has met this challenge by enhancing our pension proposition and reviewing our charging structures.
“We are set to launch a flexible drawdown service in time for the pension changes coming into force in April 2015.”
Adviser view
Kevin Morgan, managing director of Bedfordshire-based Consilium financial planning, said: “Platforms are being forced to make changes in their services for financial advisers to retain business.
“The industry is highly competitive at the moment, and it is possible that in a few years’ time there will be fewer platforms in existence. Therefore, the more user-friendly, resourceful services created, the better.”
